Well, it's finally settled. After months of contention, failed attempts to purchase from outside sources, and a dwindling complex with current tenants on their hands, the Tampa Port Authority has decided to buy Channelside Bay Plaza for $5.75 million.
This comes after months of back-and-forth with the Irish Bank Resolution Corp., who foreclosed on the complex in 2010 after its previous owner defaulted on a $27 million loan, the Tampa Bay Times reports.
While the IBRC owned the complex, the Tampa Port Authority owned the land it sat upon and thus, control was shared, or more accurately, fought over when it came to the future of this slowly diminishing complex.
IBRC aimed to sell, but the Port Authority ultimately had veto power when it came to any potential sale. Potential buyers came and went with the two sides never seeming to agree on the "right" deal. So, the Port Authority decided to buy, unanimously voting on Tuesday to purchase the complex for $5.75 million from the IBRC.
If the deal is approved by judges in the next three to eight weeks, the Port Authority will then have freedom to reach its own deal with a developer of its choosing.
